The Chinese leadership has vowed to defuse risks in managing its crisis-hit property sector and mounting local government debts in 2024, state-run media said Tuesday, as the world’s second-largest economy continues to grapple with challenges in fully recovering from the COVID-19 pandemic. A two-day annual meeting to craft economic plans for next year pointed out that China “still has to overcome some difficulties and challenges,” including lack of effective demand and overcapacity in some sectors, to further revive the economy, the official Xinhua News Agency said. The country should “continue…